- Shift Up plans to make use of its IPO funds to diversify its recreation portfolio
- Their success if constructed on simply two video games, Stellar Blade on PS5 and cellular’s Goddess of Victory: Nikke
South Korean video games developer Shift Up has raised 435 billion received ($320 million) after going public, putting the second largest IPO by a South Korean video video games firm after Krafton’s $3.8 billion in 2021.
As reported by Bloomberg, Shift Up bought practically 7.3 million shares at 60,000 received every, with demand exceeding the quantity obtainable shares 226 instances over.
The corporate plans to make use of its IPO funds to diversify its recreation portfolio after beforehand releasing two titles together with PS5-exclusive Stellar Blade which launched earlier this yr and cellular and PC smash hit Goddess of Victory: Nikke in 2022.
Credit score the place it is due
Whereas Steller Blade has bought over one million copies because it launched, Shift Up’s success publish IPO is basically based mostly on the large recognition of Goddess of Victory: Nikke, which continutes to be an enormous hit for the South Korean firm producing greater than 750 million in income.
The sport’s preliminary success raised the corporate’s valuation to $2.3 billion, prompting a attainable itemizing of 58 million shares in 2023, of which practically 7.3 million have now been bought on the Korean inventory alternate.
After promoting 7.3 million shares in its IPO, and elevating 435 billion received, Shift Up’s valuation is now estimated to skyrocket to three.48 trillion received ($2.5 billion) based on CNBC.
In 2023, the corporate reported gross sales of 168.6 billion received, a 155.2% enhance year-on-year.